Property developers Paddy Shovlin, of the Beacon Hospital, and brothers Patrick and Anthony Fitzpatrick, of the Fitzpatrick hotel family, speculated on the 100-acre Beacon Quarter Development in Sandyford (above).
They borrowed millions from Bank of Ireland.
And then came the crash.
But, for some reason, the bank wanted less than 5 per cent back of what it was owed.
This afternoon in the Commercial Court, Justice Peter Kelly granted (in favour of NAMA) an order of €38.5m against Paddy and orders of €22m each against the brothers.
He said it seemed “rather odd” to him that in the case of a loan of €280m granted to the men, Bank of Ireland had reduced the amount of money it could reclaim to less than 5% of the total owed.
The judge said that he did not know why the bank would do such a thing, but he said “no doubt NAMA could find out what the answer was”.
While you hold your breath for that to happen just imagine you asked your bank to reduce your mortgage to less than 5 per cent of its value.
Now imagine them laughing.
Court Orders €82 million To Be Repaid To Nama (RTE.ie)
Update: In 2008, as things were slowing down, the Beacon trio gave themselves a €1 million pension boost, just as they had the year before.